You have a great idea, loads of experience in the industry, but you’ve never had to produce a document like this before…Don’t worry!
We’re here to help you create a business plan that is well structured to aid you in securing the financing you may need to get your business off the ground.
However, what's written should be specific enough to cover all areas of concern.
Cohen advised starting your plan, with a SWOT analysis, which stands for strengths, weaknesses, opportunities and threats.
"Research is one of the big value-adds of writing a business plan," said Joseph Ferriolo, director of Wise Business Plans.
"Research forces companies to learn what they can expect to make and what the industry trends are." Mullins advises asking yourself how large and attractive your market is, how quickly it's growing, and if there are any trends that will make it grow in the future.
Based on advice from our expert sources, here are a few specific dos and don'ts to consider while formulating your plan.
It's tempting to dive into your business after reading success stories of similar companies.
Some examples are finding the right location, competing with like companies and retaining efficient employees.
Discuss your CSFs with your team to guarantee they are onboard with your goals, said Mullins.